Us Code § 53722 - Actions by Secretary or Administrator
Full text of Us Code United States Code § 53722 — Actions by Secretary or Administrator, with citation guidance and answers to common questions.
§ 53722. Actions by Secretary or Administrator
(a)
(1) assume the obligor's rights and duties under the obligation or agreement, make any payment in default, and notify the obligee or the obligee's agent of the default and the Secretary's or Administrator's assumption; or
(2) notify the obligee or the obligee's agent of the default.
(b)
(1)
(A) a period that may be specified in the guarantee or a related agreement; or
(B) 60 days from the date of the Secretary's or Administrator's notice.
(2)
(A) a period that may be specified in the guarantee or a related agreement; or
(B) 30 days from the date of the demand.
(c)
(d)
(1) maximizes the net present value return from the sale or disposition of assets associated with the obligation, including prompt referral to the Attorney General for collection as appropriate;
(2) minimizes the amount of any loss realized in the resolution of the guarantee;
(3) ensures adequate competition and fair and consistent treatment of offerors; and
(4) requires appraisal of assets by an independent appraiser.
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1618; Pub. L. 109–163, div. C, title XXXV, §3507(a)(1)(C), (F), Jan. 6, 2006, 119 Stat. 3555; Pub. L. 110–181, div. C, title XXXV, §3522(a)(10)(B), (11), (b), Jan. 28, 2008, 122 Stat. 598.)
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 53722(a), (b) | 46 App.:1275(b). | June 29, 1936, ch. 858, title XI, §1105(b), as added June 23, 1938, ch. 600, §46, 52 Stat. 971; Aug. 15, 1953, ch. 513, §3, 67 Stat. 626; Sept. 3, 1954, ch. 1265, §5, 68 Stat. 1272; Aug. 7, 1956, ch. 1026, §1(e)–(g), 70 Stat. 1087; Pub. L. 85–520, July 15, 1958, 72 Stat. 358; Pub. L. 91–469, §33, Oct. 21, 1970, 84 Stat. 1035; restated Pub. L. 92–507, §3, Oct. 19, 1972, 86 Stat. 914; Pub. L. 97–31, §12(136), Aug. 6, 1981, 95 Stat. 166; Pub. L. 98–595, §1(9), Oct. 30, 1984, 98 Stat. 3131. |
| 53722(c) | 46 App.:1273(e) (last sentence). | June 29, 1936, ch. 858, title XI, §1103(e) (last sentence), as added Pub. L. 98–595, §1(1), Oct. 30, 1984, 98 Stat. 3130. |
| 53722(d) | 46 App.:1275(f). | June 29, 1936, ch. 858, title XI, §1105(f), as added Pub. L. 108–136, title XXXV, §3524, Nov. 24, 2003, 117 Stat. 1801. |
In subsection (a), before paragraph (1), the words "an obligation or related agreement" are substituted for "a mortgage, loan agreement, or other security agreement" for consistency in the revised chapter.
Editorial Notes
Amendments
2008—Pub. L. 110–181, §3522(b), repealed Pub. L. 109–163, §3507(a)(1)(C), (F). See 2006 Amendment note below.
Pub. L. 110–181, 3522(a)(10)(B), (11), incorporated the substance of the amendment by Pub. L. 109–163, §3507(a)(1)(C), (F), into this section by inserting "or Administrator" after "Secretary" in section catchline and wherever appearing in subsecs. (a) to (c) and "or Administrator's" after "Secretary's" in subsecs. (a)(1) and (b)(1)(B). See 2006 Amendment note below and section 18(a) of Pub. L. 109–304, set out as a Legislative Purpose and Construction note preceding section 101 of this title.
Subsec. (d). Pub. L. 110–181, §3522(a)(10)(B), inserted "or Administrator" after "Secretary" in introductory provisions.
2006—Pub. L. 109–163, §3507(a)(1)(C), (F), which directed the amendment of sections 1273(e) and 1275(b) of the former Appendix to this title from which this section was derived in part, was repealed by Pub. L. 110–181, §3522(b). See 2008 Amendment notes and Historical and Revision notes above.
About This Section
46 U.S.C. § 53722 is part of Title 46 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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